Rex Energy Corporation (Nasdaq:REXX) announced that its bank group has unanimously voted to increase the company's borrowing base under the company's senior secured credit facility from $265 million to $290 million.

The 9% increase in the borrowing base is the direct result of the company's continued success in its drilling program, increasing of estimated ultimate recoveries (EUR) and strong growth in its reserves and production. Under the terms of the credit facility, the bank group re-determines the borrowing base semi-annually utilizing the bank's estimates of reserves and future oil and ...